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INDEPENDENT BANK CORP/MA (INDB) Stock Fundamental Analysis

NASDAQ:INDB - Nasdaq - US4538361084 - Common Stock - Currency: USD

66.96  -0.28 (-0.42%)

After market: 66.96 0 (0%)

Fundamental Rating

4

INDB gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 393 industry peers in the Banks industry. INDB may be in some trouble as it scores bad on both profitability and health. INDB has a correct valuation and a medium growth rate. INDB also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

In the past year INDB was profitable.
INDB had a positive operating cash flow in the past year.
INDB had positive earnings in each of the past 5 years.
Each year in the past 5 years INDB had a positive operating cash flow.
INDB Yearly Net Income VS EBIT VS OCF VS FCFINDB Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

1.2 Ratios

INDB has a Return On Assets of 0.95%. This is in the better half of the industry: INDB outperforms 60.56% of its industry peers.
The Return On Equity of INDB (6.22%) is worse than 67.43% of its industry peers.
Industry RankSector Rank
ROA 0.95%
ROE 6.22%
ROIC N/A
ROA(3y)1.2%
ROA(5y)1.02%
ROE(3y)7.94%
ROE(5y)6.99%
ROIC(3y)N/A
ROIC(5y)N/A
INDB Yearly ROA, ROE, ROICINDB Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

INDB has a Profit Margin of 26.95%. This is in the better half of the industry: INDB outperforms 70.99% of its industry peers.
INDB's Profit Margin has declined in the last couple of years.
The Operating Margin and Gross Margin are not available for INDB so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 26.95%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.31%
PM growth 5Y-3.04%
GM growth 3YN/A
GM growth 5YN/A
INDB Yearly Profit, Operating, Gross MarginsINDB Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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3

2. Health

2.1 Basic Checks

INDB does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for INDB has been reduced compared to 1 year ago.
The number of shares outstanding for INDB has been increased compared to 5 years ago.
INDB has a better debt/assets ratio than last year.
INDB Yearly Shares OutstandingINDB Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
INDB Yearly Total Debt VS Total AssetsINDB Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

The Debt to FCF ratio of INDB is 2.06, which is a good value as it means it would take INDB, 2.06 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 2.06, INDB is in line with its industry, outperforming 48.60% of the companies in the same industry.
INDB has a Debt/Equity ratio of 0.12. This is a healthy value indicating a solid balance between debt and equity.
Looking at the Debt to Equity ratio, with a value of 0.12, INDB is in the better half of the industry, outperforming 64.89% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.12
Debt/FCF 2.06
Altman-Z N/A
ROIC/WACCN/A
WACC12.14%
INDB Yearly LT Debt VS Equity VS FCFINDB Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
INDB Yearly Current Assets VS Current LiabilitesINDB Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2019 2020 2021 2022 2023 2024 50M 100M 150M

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6

3. Growth

3.1 Past

The earnings per share for INDB have decreased by -8.85% in the last year.
The Earnings Per Share has been decreasing by -4.31% on average over the past years.
The Revenue has been growing slightly by 1.97% in the past year.
The Revenue has been growing slightly by 6.29% on average over the past years.
EPS 1Y (TTM)-8.85%
EPS 3Y-4.78%
EPS 5Y-4.31%
EPS Q2Q%3.31%
Revenue 1Y (TTM)1.97%
Revenue growth 3Y10.77%
Revenue growth 5Y6.29%
Sales Q2Q%6.78%

3.2 Future

INDB is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 23.63% yearly.
The Revenue is expected to grow by 22.11% on average over the next years. This is a very strong growth
EPS Next Y18.14%
EPS Next 2Y23.63%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year21.35%
Revenue Next 2Y22.11%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
INDB Yearly Revenue VS EstimatesINDB Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M 800M 1B
INDB Yearly EPS VS EstimatesINDB Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

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4

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 14.78, which indicates a correct valuation of INDB.
66.16% of the companies in the same industry are cheaper than INDB, based on the Price/Earnings ratio.
The average S&P500 Price/Earnings ratio is at 26.76. INDB is valued slightly cheaper when compared to this.
With a Price/Forward Earnings ratio of 9.63, the valuation of INDB can be described as very reasonable.
Based on the Price/Forward Earnings ratio, INDB is valued a bit cheaper than the industry average as 60.31% of the companies are valued more expensively.
Compared to an average S&P500 Price/Forward Earnings ratio of 34.91, INDB is valued rather cheaply.
Industry RankSector Rank
PE 14.78
Fwd PE 9.63
INDB Price Earnings VS Forward Price EarningsINDB Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Compared to the rest of the industry, the Price/Free Cash Flow ratio of INDB indicates a slightly more expensive valuation: INDB is more expensive than 70.23% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 19.27
EV/EBITDA N/A
INDB Per share dataINDB EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

INDB's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
INDB's earnings are expected to grow with 23.63% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.81
PEG (5Y)N/A
EPS Next 2Y23.63%
EPS Next 3YN/A

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7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.47%, INDB has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 3.41, INDB pays a bit more dividend than its industry peers.
INDB's Dividend Yield is a higher than the S&P500 average which is at 2.36.
Industry RankSector Rank
Dividend Yield 3.47%

5.2 History

The dividend of INDB has a limited annual growth rate of 5.56%.
INDB has been paying a dividend for at least 10 years, so it has a reliable track record.
INDB has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)5.56%
Div Incr Years14
Div Non Decr Years30
INDB Yearly Dividends per shareINDB Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2 2.5

5.3 Sustainability

51.31% of the earnings are spent on dividend by INDB. This is a bit on the high side, but may be sustainable.
INDB's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP51.31%
EPS Next 2Y23.63%
EPS Next 3YN/A
INDB Yearly Income VS Free CF VS DividendINDB Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
INDB Dividend Payout.INDB Dividend Payout, showing the Payout Ratio.INDB Dividend Payout.PayoutRetained Earnings

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INDEPENDENT BANK CORP/MA

NASDAQ:INDB (8/21/2025, 8:19:23 PM)

After market: 66.96 0 (0%)

66.96

-0.28 (-0.42%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)07-17 2025-07-17/amc
Earnings (Next)10-15 2025-10-15/amc
Inst Owners77.41%
Inst Owner Change4.39%
Ins Owners0.8%
Ins Owner Change6.19%
Market Cap3.36B
Analysts80
Price Target81.09 (21.1%)
Short Float %3.57%
Short Ratio4.13
Dividend
Industry RankSector Rank
Dividend Yield 3.47%
Yearly Dividend2.25
Dividend Growth(5Y)5.56%
DP51.31%
Div Incr Years14
Div Non Decr Years30
Ex-Date06-30 2025-06-30 (0.59)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-3.99%
Min EPS beat(2)-10.02%
Max EPS beat(2)2.05%
EPS beat(4)2
Avg EPS beat(4)-1.93%
Min EPS beat(4)-10.02%
Max EPS beat(4)6.39%
EPS beat(8)4
Avg EPS beat(8)-1.03%
EPS beat(12)7
Avg EPS beat(12)-0.85%
EPS beat(16)10
Avg EPS beat(16)3.33%
Revenue beat(2)0
Avg Revenue beat(2)-0.79%
Min Revenue beat(2)-1.29%
Max Revenue beat(2)-0.28%
Revenue beat(4)0
Avg Revenue beat(4)-1.06%
Min Revenue beat(4)-1.67%
Max Revenue beat(4)-0.28%
Revenue beat(8)0
Avg Revenue beat(8)-1.51%
Revenue beat(12)3
Avg Revenue beat(12)-1.31%
Revenue beat(16)4
Avg Revenue beat(16)-1.06%
PT rev (1m)6.35%
PT rev (3m)8.53%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-0.62%
EPS NY rev (1m)0%
EPS NY rev (3m)2.23%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.69%
Revenue NY rev (1m)0.66%
Revenue NY rev (3m)2.39%
Valuation
Industry RankSector Rank
PE 14.78
Fwd PE 9.63
P/S 4.79
P/FCF 19.27
P/OCF 17.47
P/B 1.11
P/tB 1.65
EV/EBITDA N/A
EPS(TTM)4.53
EY6.77%
EPS(NY)6.95
Fwd EY10.39%
FCF(TTM)3.47
FCFY5.19%
OCF(TTM)3.83
OCFY5.73%
SpS13.98
BVpS60.53
TBVpS40.66
PEG (NY)0.81
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.95%
ROE 6.22%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 26.95%
GM N/A
FCFM 24.86%
ROA(3y)1.2%
ROA(5y)1.02%
ROE(3y)7.94%
ROE(5y)6.99%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y5.31%
PM growth 5Y-3.04%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.12
Debt/FCF 2.06
Debt/EBITDA N/A
Cap/Depr 44.03%
Cap/Sales 2.57%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 92.25%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score4
WACC12.14%
ROIC/WACCN/A
Cap/Depr(3y)50.27%
Cap/Depr(5y)54.76%
Cap/Sales(3y)2.72%
Cap/Sales(5y)3.15%
Profit Quality(3y)123.13%
Profit Quality(5y)109.73%
High Growth Momentum
Growth
EPS 1Y (TTM)-8.85%
EPS 3Y-4.78%
EPS 5Y-4.31%
EPS Q2Q%3.31%
EPS Next Y18.14%
EPS Next 2Y23.63%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)1.97%
Revenue growth 3Y10.77%
Revenue growth 5Y6.29%
Sales Q2Q%6.78%
Revenue Next Year21.35%
Revenue Next 2Y22.11%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-54.08%
FCF growth 3Y8.28%
FCF growth 5Y0.94%
OCF growth 1Y-51.63%
OCF growth 3Y6.53%
OCF growth 5Y1.21%